THR — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($49.00)
DCF	$27.57	-43.7%
Graham Number	$25.56	-47.8%
Reverse DCF	—	implied g: 18.7%
DDM	—	—
EV/EBITDA	$48.97	-0.1%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $44.37M

Near-term growth (yrs 1–5)(%)Rev: 9.6% / EPS: 1.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.57%

Computed WACC: 7.57%

Cost of equity (Re)8.32%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.95%

Debt weight (D/V)9.05%

Results

Intrinsic Value / share$36.86

Current Price$49.00

Upside / Downside-24.8%

Net Debt (used)$113.32M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	1.6%	5.6%	9.6%	13.6%	17.6%
7.0%	$28.64	$34.93	$42.22	$50.60	$60.22
8.0%	$22.69	$27.73	$33.55	$40.25	$47.92
9.0%	$18.58	$22.75	$27.57	$33.10	$39.43
10.0%	$15.57	$19.11	$23.20	$27.88	$33.23
11.0%	$13.28	$16.34	$19.86	$23.90	$28.52

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $1.77

Book Value / share($)Yahoo: $16.40

Results

Graham Number$25.56

Current Price$49.00

Margin of Safety-47.8%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.57%

Terminal growth rate(%)

Computed WACC: 7.57%

Cost of equity (Re)8.32%(Rf 4.30% + β 0.73 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)90.95%

Debt weight (D/V)9.05%

Results

Current Price$49.00

Implied Near-term FCF Growth14.0%

Historical Revenue Growth9.6%

Historical Earnings Growth1.9%

Base FCF (TTM)$44.37M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$49.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $108.31M

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $113.32M

Results

Implied Equity Value / share$48.97

Current Price$49.00

Upside / Downside-0.1%

Implied EV$1.72B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$1.89B	-$886.68M	$113.32M	$1.11B	$2.11B
11.9x	$96.64	$66.22	$35.79	$5.36	$-25.06
13.9x	$103.23	$72.81	$42.38	$11.96	$-18.47
15.9x	$109.83	$79.40	$48.97	$18.55	$-11.88
17.9x	$116.42	$85.99	$55.56	$25.14	$-5.29
19.9x	$123.01	$92.58	$62.15	$31.73	$1.30

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